ABC Company has 14,976 shares of stock outstanding and no debt. The new CFO is considering issuing $49,514 and using the proceeds to retire 659 shares of stock. That is, the new shares outstanding will be 14,976 - 659. The coupon rate on the debt is 4.1%. What is the break-even level of Earnings before Interest and Taxes (EBIT) between the two capital structure options?

Round off your answer to two decimal points. Do not enter $ in the answer box.